About

According to the historical records of the Petroleum Commission, Ghana, exploration for oil and gas in Ghana started as far back as 1896 in the onshore Tano basin (Western Region) where early explorers had noticed the presence of onshore oil and gas.

In 1970, a milestone discovery was made by Signal/Amoco Group with Seago 10-1 well. This Well led to the discovery of the Saltpond Oil Field (Devonian Section). The Takoradi 11-1 Well had encouraging gas shows with subsequent re-mapping suggesting strongly that the Eell was drilled off structure and could possibly have been a gas discovery if it had been located on the structure.

However, exploration for commercial hydrocarbons intensified from 2001 with some independent Oil Companies such as Kosmos Energy, Hess Corporation and Tullow Oil, acquiring exploration and production rights over areas in deep waters. There was a shift of focus from shallow water to deep-water areas which was occasioned by other deep-water discoveries made in the region and by the results of four deep-water wells drilled in Ghana between 1999 and 2003. These wells proved the existence of an active petroleum system in the deep-water, a fact which hitherto was unknown.

Then in 2007, Kosmos Energy (block operator), Anadarko (technical operator), Tullow Oil and E. O. Group struck a significant (about 312ft net) column of high grade oil in the Mahogany prospect with the Mahogany-1 well in the West Cape Three Points Licence, a feat that crowned years of concerted effort by all. From August 2007 to 2013, 23 discoveries (Odum, Ebony, Tweneboa, Sankofa, Dzata, Owo, Teak-1, Paradise-1, Banda-1, Gye Nyame, etc.) were made; and all, except Ebony, were made in deep water (water depths ranging from 800m to 1600m). The Mahogany and Hyedua discoveries were appraised and put into production as Jubilee Field.

And on December 15, 2010, Ghana joined the list of countries producing oil on commercial bases. It can be recalled vividly how, His Excellency John Atta Mills, President of Ghana then, was in Sekondi-Takoradi to open the valves to make way for the flow of first oil.

Challenges in fulfilling dreams

Ten years on, various international oil companies have been attracted into the industry and communities, and other social structures have played key roles in the bid to better Ghana’s prospects with the oil find.

What has been the changes the new oil flow has brought about in Ghana, in the areas of:

Boosting economic expansion with the expected concomitant infrastructural development and increased investors’ attraction

The growth of local participation in the oil and gas industry

Job creation

Meeting of the UN Development goals

Freeing the economy from perennial dependence on donors’ support?

Indeed, through the ten years of Ghana’s oil find, challenges in meeting and satisfying set expectations and well-intended projections have been experienced realities. But, devoting time to taking stock and identifying these challenges and collectively seeking solutions to resolving the challenges, and appropriating the huge developmental opportunities that oil find brings seem to be what is needed most now as Ghana marks ten years of its oil find. That opportunity to take stock and evaluate gains and chart a better course is what, EOBS 2018, as a strategic economic and business forum, is coming to provide.

CONCLUSION

We sincerely believe that this is one event that will make that remarkable difference in your investment and expansion planning for this year and the years ahead.

The unique business atmosphere, interacting with the core segment of your target market, associate organisations, investors and policy makers, would definitely amplified and reward your association with values and opportunities inherent in the conference that has gone international.

We have no iota of doubt that you would be glad you were a major part of this strategic event.